Empower preferred bidder for Nakheel district cooling assets

Dubai-based Nakheel Properties has selected Empower as the preferred bidder for the divestment of Nakheel’s district cooling assets.

Dubai-based Nakheel Properties has selected Empower as the preferred bidder for the divestment of Nakheel’s district cooling assets.

Energy & Utilities reported in December 2020 that Nakheel Properties had appointed Synergy Consulting as the seller’s adviser and has appointed law firm Clifford Chance as the legal adviser for the transaction.

According to sources close to the planned asset sale, the district cooling capacity to be divested is expected to be between 100-120 thousand refrigerated tonnes (kRT). The portfolio provides for the cooling requirements of major residential and retail developments in Dubai.

Nakheel has developed some of the emirate’s most iconic projects including the Palm Jumeirah, Jumeirah Islands and Dragon City.